Global oil prices remain high despite concerns about oversupply. Traders are now more focused on geopolitical tensions, from Venezuela to Russia and Iran, which have the potential to disrupt global energy supplies. This situation has kept the market cautious, even though the annual trend for oil prices remains weak.
Venezuela has reportedly begun shutting down several oil wells in the region with the world's largest reserves due to the United States blockade. Meanwhile, US President Donald Trump claimed his country had attacked a facility within the country. Tensions also escalated after Russian President Vladimir Putin announced he would change his negotiating stance regarding the Ukraine war, following an alleged drone attack on his residence. Trump also renewed his threat to attack Iran if it restarts its nuclear program.
However, beyond these geopolitical issues, the market remains clouded by concerns about a global oversupply. OPEC+ has increased production to regain market share, fueling concerns that supply will outstrip demand. Data shows that crude oil stored on tankers worldwide has surged 15% in the past week, approaching its highest level since 2020.
Price-wise, West Texas Intermediate (WTI) crude for February delivery is trading around US$57 per barrel, while Brent is below US$62 per barrel. Despite strengthening in recent days, future price movements will still be heavily influenced by the tug-of-war between geopolitical risks and the global oil supply glut. (az)
Source: Newsmaker.id
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